Carawine Resources Limited announced the start of diamond drilling of two recently identified, highly significant bedrock conductors at Red Bull, about 30km south of IGO's Nova Operation in the Fraser Range region of Western Australia. Red Bull is part of the Fraser Range Joint Venture between Carawine and IGO, with IGO managing and operating the joint venture. IGO currently holds a 70% interest in the joint venture tenements, and is sole-funding the exploration program to 30 June 2022 to earn up to an additional 6% interest. Two diamond drill holes of approximately 600m downhole length each have been designed to test the RB_B and RB_C conductors on the northern Red Bull tenement (E69/3052). The drilling program is expected to take at least four to six weeks to complete. As announced by the Company on 19 July 2021, the two conductors were identified by IGO from a low-temperature SQUID MLEM survey over an area of the interpreted southern continuation of the lithostratigraphic package which hosts the Nova-Bollinger deposit, known as the "Snowys Dam Formation". Modelling by IGO shows the RB_B and RB_C conductors are within low-magnetic bodies, which are most likely to be mafic intrusions within the Snowys Dam Formation. Since then, IGO has completed re-logging the historic diamond drill hole REDD004, drilled by Carawine's predecessor, Sheffield Resources Ltd, which targeted the plate conductor referred to in Figures 1 and 2 as "RB_A". IGO's work confirmed the source of the RB_A conductor as graphite-pyrrhotite gneiss, and confirmed intervals of mafic intrusive rocks containing traces of magmatic sulphide in the hole2, consistent with IGO's magnetic inversion model. Carawine's Fraser Range Project includes six granted exploration licences in five areas named Red Bull, Bindii, Big Bullocks, Aries and Big Bang; four active exploration licence applications named Willow, Bullpen, Shackleton and Zanthus, plus six exploration licence applications subject to ballot; in the Fraser Range region of Western Australia. The project is considered highly prospective for magmatic nickel-sulphide deposits such as IGO's Nova-Bollinger nickel-copper-cobalt deposit, 30km north of the Red Bull tenements, and two recent emerging discoveries in the Central Fraser region by Legend Mining at its Mawson prospect, and Galileo Mining Limited with its Lantern group of prospects. Carawine's Fraser Range Joint Venture with IGO is over 5 granted tenements at Red Bull, Bindii, Big Bullocks, and Aries. IGO currently holds a 70% interest in these tenements. Carawine has elected not to contribute towards the FY2022 Joint Venture program and budget of approximately $1.3 million, therefore if IGO completes the entire program as proposed, Carawine's interest will be diluted from 30% to approximately 24%. The remaining tenements in the Fraser Range Project are held 100% by Carawine.